Procore Technologies (NYSE:PCOR) Hits New 1-Year Low After Analyst Downgrade

Procore Technologies, Inc. (NYSE:PCOR)’s share price hit a new 52-week low during trading on Tuesday after TD Cowen lowered their price target on the stock from $90.00 to $80.00. TD Cowen currently has a buy rating on the stock. Procore Technologies traded as low as $53.32 and last traded at $52.6340, with a volume of 173742 shares trading hands. The stock had previously closed at $56.60.

PCOR has been the topic of several other research reports. Barclays upgraded shares of Procore Technologies from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $82.00 to $90.00 in a research report on Monday, January 5th. Wall Street Zen upgraded shares of Procore Technologies from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. BMO Capital Markets increased their price target on shares of Procore Technologies from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. DA Davidson raised Procore Technologies to a “hold” rating in a research note on Friday, November 7th. Finally, Robert W. Baird lifted their target price on Procore Technologies from $88.00 to $93.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $84.16.

Insider Transactions at Procore Technologies

In related news, Director Connor Kevin J. O sold 36,196 shares of Procore Technologies stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $78.06, for a total transaction of $2,825,459.76. Following the completion of the sale, the director owned 1,071,749 shares in the company, valued at $83,660,726.94. This trade represents a 3.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William J.G. Griffith sold 207,474 shares of the company’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $72.30, for a total transaction of $15,000,370.20. Following the completion of the transaction, the director owned 3,244,546 shares in the company, valued at $234,580,675.80. This represents a 6.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 690,703 shares of company stock valued at $50,266,998. Company insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC lifted its position in shares of Procore Technologies by 465.2% in the 3rd quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock worth $28,000 after purchasing an additional 321 shares during the period. Wilmington Savings Fund Society FSB bought a new position in Procore Technologies in the third quarter worth approximately $34,000. Jones Financial Companies Lllp lifted its holdings in Procore Technologies by 70.8% during the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after buying an additional 199 shares during the period. V Square Quantitative Management LLC purchased a new stake in Procore Technologies during the fourth quarter worth $41,000. Finally, First Horizon Corp purchased a new position in shares of Procore Technologies in the 3rd quarter valued at $49,000. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Trading Down 8.3%

The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $8.07 billion, a P/E ratio of -62.13 and a beta of 0.90. The company has a 50-day moving average price of $71.53 and a 200 day moving average price of $71.25.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Wednesday, November 5th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.10. Procore Technologies had a negative return on equity of 6.18% and a negative net margin of 9.84%.The company had revenue of $338.85 million for the quarter, compared to analyst estimates of $328.13 million. During the same quarter in the previous year, the firm earned $0.24 earnings per share. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, research analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Procore Technologies Company Profile

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company’s platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.